Wednesday, 18 January 2017

Investors Defrauded Of £7.7M During Rare Earth Metals Swindle

Four businessmen plotted together to dupe investors into handing over £7.7m in savings and pensions for so-called precious metals worth a fraction of the price, a court heard today.

Using a misleading website and inaccurate glossy brochure they either cold-called customers with scripted patter or placed ads offering the opportunity to purchase supposedly lucrative metals vital to 80% of the world’s industry.

All four have pleaded not guilty at Blackfriars Crown Court to conspiring to defraud investors by making false representations.

Sabin and Ridpath, who the prosecution say established the scheme have also pleaded not guilty to money laundering.

Prosecutor Mr. David Durose told jurors Denver Trading - started by Sabin and Ridpath - was run from a short-term £860 per month office in the City.

The court was told Start headed a “prolific” brokerage - London Commodity Markets - and Berkeley took over the Swiss branch of the business after the original director quit, claiming the business “stank horribly.”